back Back

Notabene and Elliptic partner to provide a FATF-compliant solution to crypto businesses & banks

By Pavithra R

June 17, 2021

Share

Notabene and Elliptic partner to provide a FATF-compliant solution to crypto businesses & banksNotabene, helping manage regulatory and counterparty risk in crypto transactions has announced partnering with Elliptic, a leading provider of crypto-asset risk management and blockchain analytics solutions.

Under the collaboration, the companies will launch a ready-to-use solution that complies with FATF Recommendations to virtual asset service providers (VASPs) and financial institutions (FIs).

The intergovernmental FATF Travel Rule requires VASPs to exchange counterparty information when cryptoasset transactions exceed certain limits for all their customers. Countries that have implemented the Travel Rule include the United States, Switzerland, and Singapore. Other jurisdictions are not far behind to enforce these rules over the next 12 months.

With the new integrated solution, VASPs can automate transactions with trusted counterparties while providing them with the data they need to detect suspicious activity and meet their regulatory requirements.

“When it comes to compliance with the Travel Rule, VASPs are now in a rush to implement scalable solutions and come live. We expect the next six to twelve months will be a pivotal time for the crypto industry as VASPs overcome outstanding challenges and determine how to collaborate with each other effectively. We are excited to partner with Elliptic so that VASPs can have access to rich transaction data when performing Travel Rule transfers. This helps them make smarter compliance decisions,” said Alice Nawfal, Chief Operating Officer of Notabene.

In April, three crypto companies in Singapore completed the testing of automated Travel Rule transfers using Notabene. This made them some of the first VASPs ready to roll out full Travel Rule compliance at scale on their platforms.

“Crypto companies are increasingly expecting counterparties to be Travel Rule compliant, or they will not do business with them. Now we can offer Notabene alongside Elliptic’s crypto risk monitoring solutions to help VASPs comply to the Travel Rule today, wherever they are, and transact with any counterparty, even if they didn’t implement a solution on their side yet,” said Elsa Said-Armanet, Director of Partnerships at Elliptic.

Notabene provides top crypto businesses and financial institutions with software and tools to manage risk in crypto transactions. Its customers are able to assess whether counterparties are safe to transact with and perform any regulatory actions required.

Previous Article

June 17, 2021

Tennessee Valley Federal Credit Union and Jack Henry enter into a strategic partnership

Read More
Next Article

June 17, 2021

Currencycloud and DynaPay team up to boost business offering

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 18, 2024

5 RegTech platforms streamlining finance compliance in India

Read More

April 18, 2024

Aryza and Dotdigital to elevate customer experience in credit & debt management

Read More

April 18, 2024

Fime to support set up of UAE’s domestic card scheme

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023